Note 5 - Property and Equipment

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

5. PROPERTY AND EQUIPMENT

A summary of property and equipment, at cost, as of December 31, 2020 and 2019 is as follows:

(in thousands)	Estimated Useful Lives (Years)		2020		2019
Revenue equipment		3 - 10	$	435,865	$	588,828
Communications equipment		5 - 10		5,492		6,189
Land and improvements		0 - 15		16,602		23,398
Buildings and leasehold improvements		7 - 40		57,308		75,471
Construction in-progress		-		695		400
Other		2 - 10		25,314		31,097
			$	541,276	$	725,383

Depreciation expense was $60.4 million, $77.6 million, and $74.4 million, in 2020, 2019, and 2018, respectively. This depreciation expense excludes net gains on the sale of property and equipment totaling $7.7 million and $1.7 million in 2020 and 2019, respectively, and net losses of $0.3 million in 2018.

We lease certain revenue equipment under finance and operating leases with terms of approximately 48 to 84 months. At December 31, 2020 and 2019, property and equipment included finance and operating leases. Our finance leases had capitalized costs of $50.2 million and $55.0 million and accumulated amortization of $20.8 million and $21.0 million at December 31, 2020 and 2019, respectively. Amortization of these leased assets is included in depreciation and amortization expense in the consolidated statement of operations and totaled $4.1 million, $5.5 million, and $5.4 million during 2020, 2019, and 2018, respectively. See Note 9. Leases for additional information about our finance and operating leases.